Latest news with #RM511
New Straits Times
27-05-2025
- Business
- New Straits Times
Sarawak needs 260,000 metric tonnes of rice by 2030 to meet domestic demand
KUCHING: Food Industry, Commodity and Regional Development Minister Datuk Seri Dr Stephen Rundi Utom said the state will need to produce around 260,000 metric tonnes of rice to meet domestic demand by 2030. By that year, the state's population is projected to reach about 3.2 million people, he said. "Therefore, my ministry, together with relevant agencies, is actively identifying suitable state land to be developed specifically for padi cultivation, to meet domestic demand," he said during his winding-up speech at the Sarawak Legislative Assembly today. He said that as of this month, a total of 11,700ha has been identified for large-scale padi cultivation in the Kuching, Serian, Sri Aman, Kapit and Limbang divisions. He said the state Drainage and Irrigation Department (DID) is preparing documents to conduct a Light Detection and Ranging (LiDAR) survey to obtain topographic data. The survey is expected to be completed by the fourth quarter of 2025. Dr Rundi said his ministry will continue identifying additional suitable state land, with the goal of expanding dedicated padi cultivation areas to at least 3,300ha by the end of 2025. He said his ministry is also actively exploring the development of infrastructure on native customary rights (NCR) land to support the expansion of paddy cultivation areas. He said that since the beginning of this year, the ministry has identified 28 potential NCR land sites across Sarawak, covering a total area of 9,700ha. However, he said developing NCR land requires careful negotiation and strong community involvement, adding that such engagement is crucial to ensure development moves forward with the full consent and collaboration of landowners. "To date, we have successfully conducted 24 dialogues and outreach sessions involving approximately 1,200 participants across Sarawak. "Besides intensifying expansion through large-scale paddy cultivation, my ministry also actively promotes small-scale padi cultivation, especially within DID's existing paddy schemes. "According to recent agricultural statistics, the number of registered padifarmers has dropped significantly from approximately 72,800 in 2022 to 48,000 in 2024," he said, urging farmers in Sarawak to actively participate in padi cultivation. He also called on the younger generation in Sarawak to embrace modern and efficient farming methods for padi production. He said his ministry will continue to introduce high-yielding varieties, promote the adoption of modern farming techniques, and help farmers implement best practices in agriculture, including the use of new technologies and sustainable farming methods. "By growing our own rice, we will fulfil our own consumption needs," he said, noting that self-reliance is crucial in safeguarding family food security and ensuring that future generations have sufficient, fresh and quality rice to eat. He said Sarawak imported around 192,000 metric tonnes of rice valued at RM511 million last year.
BusinessToday
23-05-2025
- Business
- BusinessToday
Looking Beyond YTL Power's Short Term Profit Softness
RHB Investment Bank Bhd (RHB Research), MIDF Amanah Investment Bank Bhd (MIDF Research) and CIMB Investment Bank Bhd (CIMB Securities) have all maintained their BUY calls on YTL Power International Bhd following the group's third quarter results for financial year 2025, with target prices revised to RM4.18, RM4.51 and RM4.00 respectively. The optimism centres on growth in its data centre and UK water operations, despite near-term profit softness from its Singapore power unit, PowerSeraya. RHB Research noted the group's core profit for 9MFY25 of RM2.1 billion, down 15% year-on-year, came in within expectations at 52% of RHB's full-year forecast. The house highlighted that the earnings decline, driven by a 31% drop in PowerSeraya's contribution, was partly offset by stronger performance from Wessex Water and reduced losses in its telco division. The target price was lowered from RM4.53 to RM4.18 to reflect dilution from unlisted warrants, with RHB applying a 2% ESG discount on YTL Power's intrinsic value. MIDF Research similarly flagged weaker-than-expected results, citing a 3QFY25 core net profit of RM551.8 million and a 9MFY25 total of RM1.95 billion, representing 63.5% of its full-year estimate. The house pointed out that the power segment's softness stemmed from a decline in Singapore's pool and retail prices, worsened by currency effects from a stronger ringgit. However, Wessex Water's improved tariffs and contributions from Ranhill Utilities helped cushion overall earnings. MIDF Research expects the UK water operations to strengthen further from the next quarter, boosted by a 21% tariff hike. CIMB Securities noted a 30% quarter-on-quarter drop in PowerSeraya's pre-tax profit to RM511 million due to rollover of contracts to lower tariffs and a fall in unit sales, compounded by a rising solar market share. The house estimates show Wessex Water's pre-tax profit surged 172% quarter-on-quarter to RM164 million on improved consumption and lower financing costs. CIMB Securities highlighted that YTL Power's total data centre capacity of 188MW is now fully contracted, with upcoming launches expected to drive earnings from late 1QFY26. All three research houses pointed to the company's ongoing expansion in artificial intelligence data centres as a key growth lever. RHB Research reported that the first 20MW AI-powered facility is ready for commercial launch within two months, while MIDF Research and CIMB Securities said the 80MW centre initially earmarked for AI will now be used for co-location, already taken up by a third party. According to CIMB Securities, total contracted revenue for YTL Power's data centre business stands at US$2.5 billion. Analysts agree the group's long-term prospects remain positive, anchored by diversification into high-margin infrastructure businesses. An interim dividend of 4.0 sen was declared. At RM3.60 per share, YTL Power trades at an undemanding valuation relative to future earnings potential, with projected yields between 1.8% and 2.5% in FY26. Related
The Sun
11-05-2025
- The Sun
Teacher loses over half a million to online stock investment scam
GEORGE TOWN: A teacher became the latest victim of an online stock investment scam, suffering a loss of over half a million ringgit. Penang Police Chief Datuk Hamzah Ahmad said the Seberang Perai Selatan District Police Headquarters' Commercial Crime Investigation Division received a complaint from a 47-year-old victim yesterday, claiming that a syndicate had deceived him out of RM511,000. 'According to the victim, he saw an advertisement for a stock trading investment on Facebook in February. He then began communicating with the suspect via WhatsApp, after which he was added to an investment group called 'Destiny On Your Hand.' 'In the group, the victim received detailed explanations about the investment being offered, enticing him to invest, as it promised high returns on the invested capital within a short period,' he said in a statement tonight. Hamzah said the victim was instructed to download an app via the link provided to register as a member. Subsequently, the victim made 12 transactions to three different bank accounts. He said the victim realised he had been scammed after being unable to withdraw his capital and profits through the provided link, prompting him to lodge a police report. He added that investigations are ongoing, and the case is being investigated under Section 420 of the Penal Code for cheating.
The Star
11-05-2025
- The Star
Penang teacher loses more than RM500,000 to online investment scam
GEORGE TOWN: A teacher became the latest victim of an online stock investment scam, suffering a loss of over half a million ringgit. Penang police chief Comm Datuk Hamzah Ahmad said the South Seberang Perai district police headquarters' Commercial Crime Investigation Division received a complaint from a 47-year-old victim on Saturday (May 10), claiming that a syndicate had deceived him out of RM511,000. "According to the victim, he saw an advertisement for a stock trading investment on Facebook in February. He then began communicating with the suspect via WhatsApp, after which he was added to an investment group called 'Destiny On Your Hand'. "In the group, the victim received detailed explanations about the investment being offered, enticing him to invest, as it promised high returns on the invested capital within a short period," he said in a statement Sunday (May 11). Hamzah said the victim was instructed to download an app via the link provided to register as a member. Subsequently, the victim made 12 transactions to three different bank accounts. He said the victim realised he had been scammed after being unable to withdraw his capital and profits through the provided link, prompting him to lodge a police report. He added that investigations are ongoing, and the case is being investigated under Section 420 of the Penal Code for cheating. - Bernama
New Straits Times
11-05-2025
- New Straits Times
RM511,000 gone: Teacher falls for 'Destiny On Your Hand' scam
GEORGE TOWN: A teacher has become the latest victim of an online investment scam in Penang, losing a staggering RM511,000. The 47-year-old lodged a police report at the Seberang Perai Selatan district police headquarters yesterday. State police chief Datuk Hamzah Ahmad said the victim claimed he had been duped by a fraudulent online stock investment scheme. According to the report, the ordeal began in early February when the teacher came across an advertisement for an investment opportunity involving the buying and selling of stocks via a Facebook application. "The victim subsequently began communicating with the suspect via WhatsApp and was added to an investment group called 'DESTINY ON YOUR HAND'. The group provided detailed explanations about the scheme," said Hamzah in a statement. He said the victim was enticed by promises of high returns within a short period. Encouraged, he agreed to participate and was instructed to download an application from the website After registering as a member, the victim made 12 fund transfers into three separate bank accounts as part of the investment. The scam only came to light when the victim found himself unable to withdraw either his capital or any promised profits through the application. Realising he had been conned, he filed a police report. The case is being investigated under Section 420 of the Penal Code for cheating. Despite ongoing public awareness campaigns and police warnings, individuals continue to fall prey to such scams. In just the past week, three victims have reported similar incidents, with combined losses exceeding RM1 million.
